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Head of Austria's OMV charged with insider trading

The chief executive of Austria's oil and gas company OMV AG has been charged with insider trading, a prosecution spokesman said Wednesday.
/ Source: The Associated Press

The chief executive of Austria's oil and gas company OMV AG has been charged with insider trading, a prosecution spokesman said Wednesday.

At issue is whether Wolfgang Ruttenstorfer had misused insider information when he bought roughly euro620,000 ($840,000) worth of company shares on March 23, 2009, a week before OMV announced it was selling its stake in Hungary's MOL oil and gas company.

Ruttenstorfer was charged Wednesday with the misuse of insider information, Thomas Vecsey of the Vienna public prosecutor's office said. He did not provide more details.

Ruttenstorfer said in a telephone call to The Associated Press that he was confident he could clear his name in court.

Austria's financial supervisory authority, the Financial Market Authority, had asked prosecutors to investigate last year after carrying out its own probe.

OMV had said in a statement in April 2009, when the matter first surfaced, that all conditions and rules were taken note of and met when Ruttenstorfer made the disputed transaction.